JPMorgan initiated coverage on SK Hynix with an Overweight rating and a $245 price target. The bank anticipates an AI-driven memory upcycle lasting over five years. Analysts expect strong earnings growth and robust shareholder returns during this expansion.
SK Hynix American depositary shares fell 5%. The stock price dropped to $189.47. This decline mirrored a broader selloff in memory stocks like Micron and Western Digital.
Rising Treasury yields and oil prices fueled macroeconomic concerns. These factors overshadowed the positive analyst coverage for the chipmaker.